Several tax changes have come into effect from 1 April 2016 that will affect businesses.
The following tax changes have come into effect from 1 April 2016.
- Small Business Relief Scheme – the scheme has been extended for another year, saving businesses an average of £890
- Fuel duty – duty has been frozen for the sixth year running.
Further tax changes will be introduced 6 April 2016. These include:
- national insurance contributions (NICs) – businesses will be exempt from paying employer NICs for apprentices under 25
- employment allowance – increasing the NIC allowance for all businesses and charities from £2000 to £3000
- capital gains tax (CGT) – reduced CGT, excluding carried interest and gains on residential property.
Financial secretary to the Treasury, David Gauke, said:
“Businesses are the lifeblood of the economy and we’re committed to backing them because we know that it is their enterprise and innovation that will deliver growth and opportunity for the next generation.
“The much welcomed tax breaks we’re delivering will support millions of businesses to take on more apprentices, create more jobs and expand their operations.”